Trump 2.0: The First 100 Days | APAC

APAC CRE Rebounding Heading into 2025

CRE Performance

• Asia Pacific’s real estate market has come into 2025 with momentum, with both demand for space and investment volumes trending higher during 2024. • As interest cuts started to occur, first in Europe and the U.S. and then in Asia Pacific, investor appetite increased. Investment volumes in APAC troughed at around the mid-point of 2024 and have gradually trended higher. In addition, pricing has stabilized across much of the region. • Occupier demand in the region has been somewhat stronger, headlined by India, with contributions from most of the region. Consequently, over 370msf more office space is occupied in APAC as at the end of Q4 2024 compared to Q4 2019. • Rising uncertainty is the largest downside risk in the near term which may delay occupier and investor decision making. However, the fundamentals remain resilient so far.

APAC Investment Volume* (USDbn)

APAC Office Net Absorption** (msf)

250

140

$232

122

120

$194

200

$189

100

$172

86

86

$151

$144

150

78

80

65

60

56

100

40

50

20

0

0

2019 2020 2021 2022 2023 2024 Q1 Q2 Q3 Q4

2019 2020 2021 2022 2023 2024 Q1 Q2 Q3 Q4

Source: MSCI-RCA; Cushman & Wakefield Research * excludes development sites

** Absorption covers 42 APAC markets

CONTENTS

Cushman & Wakefield

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